RPSGB to address growing pensions deficit

The Royal Pharmaceutical Society of Great Britain (RPSGB) is to increase its payments to address the growing deficit in its pension scheme.

A shortfall of more than 12 million pounds has been identified in the organisation’s final salary pension scheme, leading the RPSGB council to agree on a new interim measure to combat this, reports Chemist and Druggist.

As a result, the body is now paying an additional 67,400 pounds a month, in addition to the previous monthly deficit reduction payments of 79,600.

Bernard Kelly, the RPSGB’s director of commercial services and resources, said: “The deficit of the pension scheme is a liability of the society, which cannot be removed and has to be dealt with in the long term.”

It will also be looking to confer with the scheme’s trustee to formalise a new valuation of the scale of the pension deficit.

Last month, the RPSGB revealed that Helen Gordon is to become its new chief executive in July 2010, a move which it believes will improve its organisation.